Internal Revenue Code (Title 26 U.S.C.)
26 U.S.C. § 1040
Transfer of certain farm, etc., real property
# (a)
General rule If the executor of the estate of any decedent transfers to a qualified heir (within the meaning of section 2032A(e)(1)) any property with respect to which an election was made under section 2032A, then gain on such transfer shall be recognized to the estate only to the extent that, on the date of such transfer, the fair market value of such property exceeds the value of such property for purposes of chapter 11 (determined without regard to section 2032A).
# (b)
Similar rule for certain trusts To the extent provided in regulations prescribed by the Secretary, a rule similar to the rule provided in subsection (a) shall apply where the trustee of a trust (any portion of which is included in the gross estate of the decedent) transfers property with respect to which an election was made under section 2032A.
# (c)
Basis of property acquired in transfer described in subsection (a) or (b) The basis of property acquired in a transfer with respect to which gain realized is not recognized by reason of subsection (a) or (b) shall be the basis of such property immediately before the transfer increased by the amount of the gain recognized to the estate or trust on the transfer.
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Nearby sections (25 sections)
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- 1032 · Exchange of stock for property
- 1033 · Involuntary conversions
- 1034 · [§1034. Repealed. Pub. L. 105–34, title III, §312(b), Aug. 5,…
- 1035 · Certain exchanges of insurance policies
- 1036 · Stock for stock of same corporation
- 1037 · Certain exchanges of United States obligations
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- 1039 · [§1039. Repealed. Pub. L. 101–508, title XI, §11801(a)(33), Nov.…
- 1040 · Transfer of certain farm, etc., real property
- 1041 · Transfers of property between spouses or incident to divorce
- 1042 · Sales of stock to employee stock ownership plans or certain…
- 1043 · Sale of property to comply with conflict-of-interest requirements
- 1044 · [§1044. Repealed. Pub. L. 115–97, title I, §13313(a), Dec. 22,…
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- 1051 · [§1051. Repealed. Pub. L. 113–295, div. A, title II,…
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- 1053 · Property acquired before March 1, 1913
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- 1056 · [§1056. Repealed. Pub. L. 108–357, title VIII, §886(b)(1)(A),…
- 1057 · [§1057. Repealed. Pub. L. 105–34, title XI, §1131(c)(2), Aug. 5,…